IVA Case Study
Name: John Wilson*
Age: 48
Occupation: HGV Driver
Location: Cambridgeshire
Mr Wilson was made redundant in 2006 and was soon relying on his credit facilities to meet his day to day living expenses and pay the mortgage.
Nine months later Mr Wilson was back in work but his overall debt had soared to just under £28,000. With minimum payments of £563 a month and a mortgage of £625 a month his wages disappeared as soon as they hit the bank.
After missing his mortgage payment in July Mr Wilson finally called Debt Trust UK and
within 5 weeks we had arranged an IVA and the phone calls and nasty letters had stopped. The IVA made paying his mortgage the top priority and his creditors now receive £294 a month. That’s a single payment to cover them all and almost half what he was paying before.
At the end of the IVA, well over half his debt will be written off and Mr Wilson will have a clean slate.
* Please note the name of the above client was changed in order to protect their privacy but this IVA was agreed in August 2007.
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